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Income Taxes | 6 Months Ended
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Jun. 29, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the quarter ended June 29, 2019, the Company recorded income tax expense of $56,733 on earnings before income taxes of $259,387 for an effective tax rate of 21.9%, as compared to an income tax expense of $118,809 on earnings before income taxes of $316,354, for an effective tax rate of 37.6% for the quarter ended June 30, 2018. For the six months ended June 29, 2019, the Company recorded income tax expense of $93,751 on earnings before income taxes of $417,980 for an effective tax rate of 22.4%, as compared to an income tax expense of $166,441 on earnings before income taxes of $573,227, for an effective tax rate of 29.0% for the six months ended June 30, 2018. The difference in the effective tax rates for the comparative periods was caused by geographical dispersion of profits and losses and the issuance of IRS Notice 2018-26 which caused the Company to record $54,674 of additional net tax expense.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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